CA Yogesh S. Limaye

Amendment to Section 50C by FA 2018 curative? Hence retrospective?

Income Tax - The author discusses that recent amendment by Finance Act, 2018 to section 50C of allowing 5% deviation may be curative in nature and hence there is a case that the same may be treated as having a retrospective effect from the date on which section 50C came into force i.e. 1-4-2003. IT will reduce burden […]...

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Section 145B – Missing – what is preached ?

Income Tax - A company is eligible for a non-export incentive. It has during FY 2017-18, complied with the criteria of reasonable certainty for receiving a non-export incentive. The company the same in books as per accounting standards....

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No tax liability still TDS mandatory?

Income Tax - Academy of Medical Sciences Vs. CIT (Kerala High Court) Background Chapter XVII-B of the Income Tax Act, 1961 deals with deduction and collection of tax at source [with-holding tax].  This chapter is sub survient to section 4 i.e. charging section of the Act. Section 40(a)(ia) deals with dis-allowance of a portion of expenditure[ which i...

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Plain Language Drafting – Need of Hour

Income Tax - In general, it is observed that many laws are written, arranged and designed in a way that makes them hard for common man to understand. The same is true for various contracts which are used in day to day life e.g. insurance contracts. USA Government has passed a law namely the Plain Writing Act of […]...

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Formula One…Whats the Game?

Income Tax - You would be aware that, recently Supreme Court upheld the decision of Delhi High Court in the case of Fomrula One that it does have Permanent Establishment [PE] in India....

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Tax planning opportunity by SC?

CIT Vs. M/s Modipon Ltd. (Supreme Court of India) - The decision relates to deductibility of excise duty u/s 43B of the Income Tax Act, 1961. Section 43-B requires cumulative existence of following; The deduction claimed by the Assessee must be otherwise allowable under the other provisions of the Act....

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May be Right Thing done in Wrong Manner

Mayurbhai Mangaldas Patel Vs. Income Tax Officer (ITAT Ahemdabad) - Background It is a matter relating to validity of re-opening of assessment on a technical ground in the case of Mayurbhai Mangaldas Patel v ITO. The learned Ahemdabad ITAT Bench has noted all the facts and circumstances of the case and the law as applicable in very clear manner. It has kept some iss...

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ITAT – taking virtual reality a bit too seriously ?

ABB FZ - LLC, Bangalore Vs. Dy.DIT, Bangalore (ITAT Bangalore) - A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....

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Relief – Fees u/s 234E for late filing of TDS return

Gajanan Constructions, Prop. Gorakhnath Katkar v DCIT, CPC (TDS) [ITAT Pune] - The power to charge fees under the provisions of section 234E of the Act while processing the TDS statements, was dwelled upon by the Legislature by way of insertion of clause (c) to section 200A(1) of the Act by the Finance Act, 2015 w.e.f. 01.06.2015. Accordingly, we hold that where the Assessing ...

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Interest free loan to AE – Crime?

Instrumentarium Corporation Limited, Finland Vs. Assistant Director of Income Tax International Taxation (ITAT Kolkata) - The critical question before special bench: Whether, on the facts and in the circumstances of the case, no arm’s length rate of interest was required to be charged on the loan granted by the non-resident assessee-company to its wholly owned subsidiary Indian company M/s. Datex-Ohmeda (India) Pvt. ...

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Recent Posts in "CA Yogesh S. Limaye"

Amendment to Section 50C by FA 2018 curative? Hence retrospective?

The author discusses that recent amendment by Finance Act, 2018 to section 50C of allowing 5% deviation may be curative in nature and hence there is a case that the same may be treated as having a retrospective effect from the date on which section 50C came into force i.e. 1-4-2003. IT will reduce burden […]...

Read More
Posted Under: Income Tax |

Section 145B – Missing – what is preached ?

A company is eligible for a non-export incentive. It has during FY 2017-18, complied with the criteria of reasonable certainty for receiving a non-export incentive. The company the same in books as per accounting standards....

Read More
Posted Under: Income Tax |

No tax liability still TDS mandatory?

Academy of Medical Sciences Vs. Commissioner of Income-tax (Kerala High Court)

Academy of Medical Sciences Vs. CIT (Kerala High Court) Background Chapter XVII-B of the Income Tax Act, 1961 deals with deduction and collection of tax at source [with-holding tax].  This chapter is sub survient to section 4 i.e. charging section of the Act. Section 40(a)(ia) deals with dis-allowance of a portion of expenditure[ which i...

Read More

Plain Language Drafting – Need of Hour

In general, it is observed that many laws are written, arranged and designed in a way that makes them hard for common man to understand. The same is true for various contracts which are used in day to day life e.g. insurance contracts. USA Government has passed a law namely the Plain Writing Act of […]...

Read More
Posted Under: Income Tax |

Tax planning opportunity by SC?

CIT Vs. M/s Modipon Ltd. (Supreme Court of India)

The decision relates to deductibility of excise duty u/s 43B of the Income Tax Act, 1961. Section 43-B requires cumulative existence of following; The deduction claimed by the Assessee must be otherwise allowable under the other provisions of the Act....

Read More
Posted Under: Income Tax |

May be Right Thing done in Wrong Manner

Mayurbhai Mangaldas Patel Vs. Income Tax Officer (ITAT Ahemdabad)

Background It is a matter relating to validity of re-opening of assessment on a technical ground in the case of Mayurbhai Mangaldas Patel v ITO. The learned Ahemdabad ITAT Bench has noted all the facts and circumstances of the case and the law as applicable in very clear manner. It has kept some issues open […]...

Read More
Posted Under: Income Tax |

ITAT – taking virtual reality a bit too seriously ?

ABB FZ - LLC, Bangalore Vs. Dy.DIT, Bangalore (ITAT Bangalore)

A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....

Read More

Formula One…Whats the Game?

You would be aware that, recently Supreme Court upheld the decision of Delhi High Court in the case of Fomrula One that it does have Permanent Establishment [PE] in India....

Read More
Posted Under: Income Tax |

ICDS Permanent Solution to nullify SC Decisions ?

A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....

Read More
Posted Under: Income Tax |

Sec 269ST– Cash receipt– danger ahead

Section 269ST as being proposed in the budget 2017, makes acceptance of Rs. 3,00,000/- in cash as an offence. There are no caveats like it is applicable only for business receipt etc....

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Posted Under: Income Tax |
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